The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1887-06-16
GRAIN AND PROVISION MARKETS
CHICAGO

CHlChtD.
Chicago, June 1.-THE calm OF yesterday on
the Chicago board Of trade was followed Oy o
whirlwipd OF excitement this morning The
traders had just nicely caught their breath and
steadied their nerves after the break of Saturday,
when the second cyclone came. II was the wheat
pit scare Of Saturday enlarged and intensified The
liberal taking of July wheat yesterday by the
clique nude that future steady at shout
~ cents per bu,hel. outside traders
talked themselves into the belief that the Combina.
ton permitted a sharp decline on Saturday for the
purpose and that they were about 10 bug up july
wheat az they have already done May and June,
Many became taller Scalpers became active.
and IL look AZ II the worst past and that the
lowest point for July had been reached when the
&c drop Of Saturday occurred but outside forces
were al work for tho bears. Thousands of care
standing on side tracks and elevators were
ali filed 60 bursting. Tremendous receipts were
rep rted and everything pointing To more wheat
millions more In the near future Such were the
con itions when the traders went on Change this
morning. For fret offerings OF July wheat there
We're NJ tax RS twas offered under the sup
posed market, but -till no takers Fears that took
hold upon the fulls NJ the close of last week
again made them quake. The uproar grew IN.
tense in the wild effort 10 sell
wheat July dropped from $3.50 to
SEC, while the men were thinking wnat to
do Every one wanted o unload but no one wanted
wheat, In less tins than it takes To tell the story
July wheat was offered at SO2c, or &c lees than tie
closing price yesterday. IL u ehOrt time storm
but terrible in lts effects the crowd Traders
crawled out OF the pit dripping with Precipitation
aud weak from excitement. There was Ca k of
add To the feyerish condition
OF things Then for an hour
there was slight rally, and the leading future,
July, sold up 10 81 &c Tn 8 was but lull in tle
storm. AT II the indicator tor July showed that
II was again selling down, and In fifteen minutes
1t was offered at It, 1lic below the opening at the
hour before Then came the third tumble at the
noon hour, and July wheat sold down to 1914 or
nc below the ODpninp DFigA The pntirp
board was a little less than pandeinonium,
and the bears declared it was
Just retTibution on bullish wheat manipulators.
kumors reached here that there was a run on
bank IL Cincinnati, where the headquarters of the
"longs' are supposed to be situated. Margins
were freely called, AMI heavy deposits demanded.
Chicago banks, II was said refused to advance any
more money on wheat, and late In the session II
was stated that the checks of some of the parties
interested on the 'long' side had been refused.
AZ 1890 came the startling announcement that
all persons having trades with ROsenfed Il Co,
one of the clique houses, should close them at
once. The uproar had not subsidized when July
wheat took the fourth and worst turn of the day,
and dropped for u moment To- 7ic, and closed the
on margins at Kershaws, and the crowd was ready
for anything short of an earthquake.
Throngs of people rushed in from
the streets, and the gallery was
Of men and women. IL was the morning session To
be remembered ae long a. wheat grows The in
PERMISSION at O'Clock gave the members chance
to catch their breath, and when the afternoon SEES
sion was called, the excitement had somewhat
abated Az ego o'clock II was officially announced
that 4. W. Bailey Il CO., ana Hamill II Brine
requested all parties having trades with them to
close them al once. The instant this annou CO.
ment was made, July wheat dropped 10 i34c,
but soon recovered and went back
10 i4c. Five minutes later, Secretary Stone
raped tumultuuus crowd 10 order and read the
following from the leading clique house of C. j
Kershaw n Co.
We have ss urance that margins AMI ample funds
will be form coming by tomorrow morning, and
we request that no trades be closed out
The announcement WAS received with cheers,
and In few minutes July wheat was selling at
75bc. The lowest figures touch, By July wheat
during the day was lOllc under yesterdays close.
Although the chief excitement OF the day
was In July, yet June wheat sold with the widest
fluctuations from 92c down 70 9Oc, no TO Gle, then
by jumps down 10 dc, when slight reaction Oc.
Cured. Seventy three cents WAS the lowest figure
touched by June which is about ~ cents under yes
tefdays closing price. June closed at axe De
ferred futures declined less sharply, but, during
the morning, dropped about2' cents for August
and September.
Corn was active was weak, active, and nac
tuatiOns showed a wider range than for some DAYS
Several lines OF "long' corn were on the market
which, with the heavy decline in wheat had de
pressing effect, and values ruled weak. The mar
ket opened at ABOUT the closing figures of yester
day, and declined with slight fluctuations Of cen
and closed sc lower than yesterday. July ,penet
~ 90 anu SiOreu " o'FSC' NVnslueIapI'
business was transacted in the pro
vision MARKET and the feeling was greatly
unsettled, falling of in receipts OF hogs, and tn
advance IN prices caused stronger feeling early
and sales of products were made az higher prices
The break in prices of grain, however, caused con
siderable nervousness, and offerings were verl
liberal aud caused marked reduction in prices.
July lard opened az 667iS, and sold down {,
66J. July RIBS opened at 5.72,s, and sold up {,
40, and closed at 1.j5.
FUTURES.
Following are the highest closing prices in les,